On Nov. 30th, STL and SKGC signed supplementary agreement of Sino-Korea Green New Material EAA Product Phase Ⅱ in Shanghai, which decided to increase capital by 868 million RMB to start-up Phase Ⅱ Project. CEO of SKGC, Mr. Na Kyungsoo, Senior VP Mr. Jang Namhun, VP Ms. Cai Lianchun, Mr. Kwon Ohsung, Mr. Kim Woosung, and Chairman and President of STL, Mr. Yang Weidong, VP Mr. Shen Xiaowei, Ms. Li Jun, GM of Purchasing Center, Ms. Li Yuehua, and GM of Sino-Korea Mr. Kim Hyun as well as DGM Mr. Hu Xiaolong attended the ceremony.
June this year, Sino-Korea Green New Material EAA Product Phase Ⅰwith capacity of 40 thousand t/y, the first EAA in Asia started construction. Less than half a year later, Phase Ⅱ started-up quickly. This demonstrated the strong confidence in the development prospects of this project and the ambition to deeply cultivate the high-end new materials market, as well as the high degree of consensus to jointly promote the green and low-carbon development of China’s economy between STL and SKGC.
As the important measure for STL to accelerate the strategy of "Building a Low-Carbon New Material Technology Company", EAA Project was of great significance to promote the company to accelerate the construction of a more complete green high-end new material "ecosystem" and help improve the toughness of China's high-end new material industry chain. At the same time, this project would also be the key booster to become a strong competitor in the Asian market for new materials in the high-end packaging sector.
It is reported that subject to the extremely high technical barriers, the current domestic EAA products all rely on imports, with greater import substitution potential. With the deepening of domestic application research on EAA, the recognition of EAA in downstream application fields continues to improve. With the broad applications, the market demand of EAA is growing rapidly. This means that since Sino-Korea Green New Material EAA Product was put into operation, it would help solve the current situation of the dependency on imports. At the same time, it is also highly consistent with the requirements of "accelerating the development of new chemical materials and improving the self-sufficiency rate of new chemical materials", which is particularly emphasized in the "14th Five-Year Development Guide for Petroleum and Chemical Industry".
EAA stands for ethylene-acrylic copolymer, which is a high-end new material synthesized by free radical polymerization of ethylene and fine acrylic acid under high temperature and high pressure. It is widely used in photovoltaic, power battery, food aseptic packaging and drug packaging, which is of great significance for China to achieve the goal of carbon neutrality and the development of modern food and drug industry.
